N.Y. Comp. Codes R. & Regs. tit. 6 § 383-6.2

Current through Register Vol. 46, No. 25, June 18, 2024

Section 383-6.2 - Definitions

For the purpose of this Subpart, the definitions of Part 382 of this Title apply. The following terms have the following meanings when used in this Subpart, the definitions are intended to assist in the understanding of these regulations and are not intended to limit the meanings of the terms in any way that conflicts with generally accepted accounting practices.

(a) Assets means all existing and all probable future economic benefits obtained or controlled by a particular entity.

(b) Closure period means the period of time after the operation period during which facility closure is carried out and site closure and stabilization is completed.

(c) Closure plan means the plan for site closure and stabilization prepared as required by this Part.

(d) Closure, post-closure, and institutional control trust means the trust established in accordance with section 383-6.4(a)(1) of this Subpart.

(e) Current cost estimate means the most recent of the cost estimates prepared in accordance with this Part.

(f) Current dollars means the dollar value in the year a cost estimate is prepared, as opposed to an historical or future dollar value.

(g) Financial assurance plan means the plan for financial assurance prepared in accordance with section 383-6.3 of this Subpart.

(h) Guarantee means a contractual undertaking to answer for the debt of another.

(i) Guarantor means the party providing a guarantee.

(j) Institutional control period means a period of time after the post-closure period during which the State maintains control of access to the site and carries out a program including environmental monitoring, periodic surveillance, and minor custodial care.

(k) Institutional control plan means the plan for institutional control prepared as required by this Part.

(l) Letter of credit is a written instrument whereby the issuer will honor drafts or other demands for payment upon compliance with the conditions specified in the letter.

(m) Limit of liability means the total amount an insurer is obligated to pay, under an insurance policy, for remediation of failures and/or for personal injury or property damage to third parties caused by the operation of the land disposal facility.

(n) Low-level radioactive waste fund or LLRW fund means the trusts, established pursuant to section 383-6.4 of this Subpart, consisting of the closure, post-closure, and institutional control trust, the remedial action/third-party compensation trust (operation, closure, and post-closure periods), and the remedial action/third-party compensation trust (institutional control period).

(o) Open-ended means an instrument which must be automatically renewed at the end of its given term.

(p) Operation period means the period of time from the initial receipt of waste at the land disposal facility until the closure period begins.

(q) Parent corporation means a corporation which directly owns at least 50 percent of the voting stock of a corporation that is the land disposal facility permittee. The latter corporation is a subsidiary of the parent corporation.

(r) Pay-in amount means the amount of each payment required to be paid to a trust in each consecutive payment.

(s) Pay-in period means the period of time from the establishment of a trust until it is fully funded.

(t) Payment bond means a surety bond under which the surety company is obligated to pay a sum of money upon the occurrence of a specified event.

(u) Penal sum means the face amount of a surety bond.

(v) Performance bond means a surety bond under which the surety is obligated to pay a sum of money or perform a specified activity at the occurrence of a specified event.

(w) Personal injury means injury to the body, sickness or disease, including death resulting from any of these.

(x) Personal injury means bodily injury as that term is given meaning by applicable State law. However, this term does not include those liabilities which, consistent with standard industry practices, are excluded from coverage in liability policies for bodily injury.

(y) Post-closure period means the period of time after completion of closure and before the beginning of the institutional control period during which the permittee maintains control of the land disposal facility and carries out a program of monitoring and maintenance as required by this Part to ensure that the land disposal facility is stable and ready for institutional control.

(z) Post-closure plan means the plan for post-closure monitoring and maintenance prepared as required by this Part.

(aa) Pre-closure plan means that period from the effective date of a permit issued by the department for the land disposal facility until facility closure activities have begun. This period includes the construction phase and operation period.

(ab) Remedial action/third-party compensation trust (operation, closure, post-closure periods) means the trust established pursuant to section 383-6.4(a)(2) of this Subpart.

(ac) Remediation of failures means land disposal facility repair and environmental cleanup and restoration of the land disposal facility and other affected areas including but not limited to activities undertaken to eliminate, remove, abate, control or monitor actual or potential health and environmental hazards.

(ad) Remedial action/third-party compensation trust (institutional control period) means the trust established pursuant to section 383-6.4(a)(3) of this Subpart.

(ae) Surety bond means an arrangement by which a surety company assumes liability for the specified obligations of a principal, if the principal fails to pay or perform as required by the permit.

(af) Third-party means a party who is not the permittee, a parent corporation of the permittee, or a subsidiary of the permittee.

N.Y. Comp. Codes R. & Regs. Tit. 6 § 383-6.2